- SOLUTION: Oracle Hyperion Planning

- SECTOR: Finance

“Following this project, when we need to revise our budget we make minor changes to the parameters and we receive flawless budget results in no time.” We can also bring our budget down to regional levels so that employees can evaluate their own performance, see any shortfalls and have the opportunity to make up for them.”

Özkan Okumuş 
Zurich Sigorta CFO

Zurich Insurance Budget Planning Application


Faster and more transparent budget planning with the Oracle hyperion Planning Budget application, implemented with assistance from Innova.

Zurich Insurance is a leading player in the provision of cover against losses due to fire, accident and other risks in the fields of transport, health provision, law, finance and engineering. Until a few years ago the company had been setting its targets and strategies based on the budget plans it establishes at the beginning of the year. Unfortunately, the fact that budget planning was a process that took around three months to complete meant that it was not possible for all areas of the business to meet their financial targets. The solution to this problem came when the company implemented the ‘Oracle Hyperion Planning Budget’ project, with assistance from Innova.

 

Centralised budget infrastructure was established and improvements made to budget planning and monitoring processes so that budget plans can now be prepared in only three weeks, enabling all relevant personnel to follow them. Also budget revisions can now be performed in only one week, a great improvement from the 20 days this took in the past. Moreover, changes can be applied much more easily and accurately, and budgets can be laid out in much greater detail. All personnel can now follow the budget and targets, while regional and agency targets can also be monitored and controlled within a single central system.

Zurich Insurance Budget Planning Application

The assessment of targets against the planned budget is one of the company’s core performance indicators. Previously, Zurich Insurance had been using MS Excel for its budget planning, leaving it open to errors. This approach also meant that the personnel could not view the budget and were not able to contribute their comments and suggestions. The biggest advantages of the Zurich Insurance project can be summarised by the speed with which budgets can now be set and the ability for staff to see detailed budget targets to help them plan their actions.